Hi Mathew, thanks for asking about in effect the tax treatment of non refundable option payments, rent credit etc!!

However, there might be problem with the roof and major termite issue underneath the bathroom, since the wall in the shower was opened and the tenant just put something like a sheetrock there, it wasn't fixed properly, so water can go down and cause major damage to the subfloor or the foundation, which would greatly increase the rehab cost.The tenants have been living there for over 23 years, they don't want to move, (a couple in the 50s with the dad in his 80s) so they don't let me in to do the inspection.

As it stands now if you were to proceed and she stopped paying you would end up with a tax lien on your property you now have to pay effectively setting you up to pay 55K for the property.

This is very revealing and effective.

The article I co-wrote with him can be found by following this link:http://www.biggerpockets.com/blogs/2997/blog_posts/22522-8-habits-of-highly-effective-inner-city-landlords

Some state approved lease contracts refer to this.If your property was not damaged and the only issue is their personal property, consider your self lucky.

its only my opinion but I think jumping into commercial investing could be very difficult road and potentially damage your friendship.

I am interested in this for getting tear down properties, fire damage, or lots...Direct mail is so important, but it takes a formula.Please help.

If the smell is smoke damage (regardless of type of smoke) it cannot be removed by washing.

Hey Scott, I don't specifically know the Seattle market but will assume like most metro areas it will be similar to where I live in San Diego.Most major metros like that you will not be able to effectively cash flow.